Industry reaction to the death of former finance minister Jim Flaherty has been immediate, as those in the insurance and investment sectors remember not only the man, but his professionalism.
Industry reaction to the death of former finance minister Jim Flaherty has been immediate, as those in the insurance and investment sectors remember not only the man, but his professionalism.
“Over the years Advocis has had the great pleasure of working closely with Mr. Flaherty on a number of issues impacting financial advisors and their clients,” says Greg Pollock, president and CEO of Advocis. “He was an outstanding finance minister, and it was with a heavy heart that we received this terrible news. Our condolences go out to the Flaherty family during this difficult time.”
Flaherty - a Conservative MP for the Toronto-area riding of Whitby-Oshawa and one of Canada's longest serving finance ministers - resigned from politics last month, citing his desire to return to the private sector.
Reports over the last year indicated that Flaherty was suffering from a rare and painful skin disorder, yet he said, upon his resignation on March 18, that his decision to leave politics had nothing to do with his health.
“Jim Flaherty was a finance minister who put everyday Canadians first,” Ken MacCoy, a life, disability and employee benefits specialist with RitePartner Financial Services in Chilliwack, B.C., told Wealth Professional. “He got the debt under control and brought in the TFSA. Dare I say, he was one of the good politicians and Canada will miss him.”
MPs suspended the House of Commons just before the daily question period Thursday, around 2:15 p.m., as news of Flaherty's death made its way through Parliament Hill.
It was NDP Leader Tom Mulcair who moved for the adjournment. (continued.)
#pb#
Prime Minister Stephen Harper told reporters on Thursday that Flaherty’s death came “as an unexpected and a terrible shock” to everyone.
The former politician - who was elected as finance minister in 2006 - was known for the introduction of the Tax Free Savings Account (TSFA) and the Registered Disabilty Savings Fund (RDSP), as well as lowering corporate taxes.
In eight years at finance, he reduced the GST, reined in federal spending, brought in an array of boutique tax breaks — mainly aimed at aiding families — and slashed corporate income tax rates. But he also boosted Ottawa’s support for the disabled and the working poor.
Never afraid to make the tough decisions, he killed the popular income trust investment vehicle on Halloween 2006, wiping $20 billion from the stock market and contradicting a Harper campaign promise.
Flaherty - born in Lachine, Que. - attended Princeton University and Osgoode Hall at Toronto's York University. He worked as a lawyer for 20 years before entering politics. He served as Ontario MPP from 1995 to 2005, and also held posts as deputy premier, attorney general and minister of labour.
Flaherty is survived by his wife Christine Elliott and his three triplet sons.
“Over the years Advocis has had the great pleasure of working closely with Mr. Flaherty on a number of issues impacting financial advisors and their clients,” says Greg Pollock, president and CEO of Advocis. “He was an outstanding finance minister, and it was with a heavy heart that we received this terrible news. Our condolences go out to the Flaherty family during this difficult time.”
Flaherty - a Conservative MP for the Toronto-area riding of Whitby-Oshawa and one of Canada's longest serving finance ministers - resigned from politics last month, citing his desire to return to the private sector.
Reports over the last year indicated that Flaherty was suffering from a rare and painful skin disorder, yet he said, upon his resignation on March 18, that his decision to leave politics had nothing to do with his health.
“Jim Flaherty was a finance minister who put everyday Canadians first,” Ken MacCoy, a life, disability and employee benefits specialist with RitePartner Financial Services in Chilliwack, B.C., told Wealth Professional. “He got the debt under control and brought in the TFSA. Dare I say, he was one of the good politicians and Canada will miss him.”
MPs suspended the House of Commons just before the daily question period Thursday, around 2:15 p.m., as news of Flaherty's death made its way through Parliament Hill.
It was NDP Leader Tom Mulcair who moved for the adjournment. (continued.)
#pb#
Prime Minister Stephen Harper told reporters on Thursday that Flaherty’s death came “as an unexpected and a terrible shock” to everyone.
The former politician - who was elected as finance minister in 2006 - was known for the introduction of the Tax Free Savings Account (TSFA) and the Registered Disabilty Savings Fund (RDSP), as well as lowering corporate taxes.
In eight years at finance, he reduced the GST, reined in federal spending, brought in an array of boutique tax breaks — mainly aimed at aiding families — and slashed corporate income tax rates. But he also boosted Ottawa’s support for the disabled and the working poor.
Never afraid to make the tough decisions, he killed the popular income trust investment vehicle on Halloween 2006, wiping $20 billion from the stock market and contradicting a Harper campaign promise.
Flaherty - born in Lachine, Que. - attended Princeton University and Osgoode Hall at Toronto's York University. He worked as a lawyer for 20 years before entering politics. He served as Ontario MPP from 1995 to 2005, and also held posts as deputy premier, attorney general and minister of labour.
Flaherty is survived by his wife Christine Elliott and his three triplet sons.
